Remodeling Spending Is Up, Census Figures Show
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Spending on residential remodeling increased 7% last year compared with total expenditures in 1999, according to figures released last week by the U.S. Census Bureau.
Total spending reported for all residential properties rose to nearly $153 billion, compared with a year-end total of $143 billion for 1999.
The trend challenged the ability of many established remodeling companies to keep pace with the surging demand for their services.
Spending on largely discretionary addition and alteration projects, which include such jobs as kitchen and bath remodels and room additions, increased by nearly $6 billion over the previous year to nearly $78 billion.
The maintenance and repair portion of the market held steady with expenses totaling slightly more than $39 billion for the year.
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